The Nifty50 opened deep in the red and drifted lower in trade as overall market breadth weakened. IT and Metals stocks were hit the hardest as pressure mounts on both sectors globally. At 12 pm today, it was trading 319 points lower at 17,297.
For January 27 options contracts, Nifty50 has sizable positions at 17,600 and 17,800 call options and 17,000 and 17,500 put options. Further, additions were seen in both 17,600 call options and 17,200 put options.
The Nifty50 has immediate support at 17,200 and resistance is at 17,900 levels.
The Bank Nifty bucked the trend with a positive opening. Following the weakness in the broader market, it slipped into the red. At 12 pm today, it was trading 473 points lower at 37,100.
For January 27 options contracts, the Bank Nifty has sizable positions at 38,000 and 37,500 call options and 37,000 and 36,400 put options. Further additions were seen at 37,500 call and 37.000 put options.
The Bank Nifty has immediate support at 36,800 and resistance is at 37,900 levels.
Today’s top gainers are Lupin, Cipla, Bandhan Bank, ONGC and Bharti Airtel.
Today’s top losers are Astral, Hindustan Copper, GNFC, Balrampur Chini and RBL Bank.
No major sectoral index is trading in the green.
The Media, Realty and the Metal sector came under selling pressure. Stocks like Godrej Properties, DLF, Zee Entertainment, PVR and Hindustan Copper are trading in the red.
Global Markets Update
Major European markets are likely to open mixed as their futures are trading in the range of -2.7% to +0.6%. US Futures are trading in the green, up by nearly 0.7%.